Citi analyst Andrew Kaplowitz downgraded 3M (MMM) to Neutral from Buy with an unchanged price target of $180. With industrial production having peaked in December 2018, the "industrial cycle" is in the midst of a mild downturn that could stabilize, Kaplowitz tells investors in a research note. In the interim, however, the analyst expects "choppiness" amongst end markets as the cycle bottoms. De-stocking in shorter cycle markets is well underway and could end over the next few quarters, while certain longer-cycle markets remain healthy having largely bypassed the downturn, contends the analyst. He believes stock selectivity is key and prefers companies with a "combination of self-help runway and exposure to resilient long-cycle and/or 'secular' growth end markets." As such, Kaplowitz upgraded Fortive (FTIV) to Buy and downgraded 3M to Neutral.